Bitcoin and S&P 500 correlations reached a historic high
According to the analytical portal Skew, the index is still above 65%.
Before its rapid rise, the index ranged from -30% to 50% for the past 12 months. The annual correlation reached above 37%, also the highest in the history of observations.
The increased correlation between the BTC and the stock market is a bullish signal for the cryptocurrency. In addition, the number of long-term Bitcoin holders who have not conducted operations with the cryptocurrency for at least 12 months reached a record number.
Currently, Bitcoin is traded at US$9100 on the Bitstamp. The total market capitalization is US$260 billion.
Earlier, analysts of the Norwegian company Arcane Research explained why the close correlation of bitcoin with the dynamics of the U.S. stock market is an alarming signal.